New Collaboration: IPMB Partners with Sumsub for Enhanced Security and Customer Experience

IPMB, a global tokenized gold platform, taps Sumsub, full-cycle verification platform, as their KYC, KYB and Transaction Monitoring provider

LONDON, April 11, 2024 /PRNewswire/ -- Today Sumsub, a leading global verification provider, is pleased to announce a new collaboration with International Precious Metals Bullion (IPMB), the only truly vertically integrated token operation in the world. IPMB manages the gold supply chain from the mine to the cloud, and in the vault.

IPMB has teamed up with Sumsub to secure continuous Transaction Monitoring, Know Your Customer (KYC) and Know Your Business (KYB) checks. This collaboration will allow IPMB to ensure smooth verification processes for both individual users and legal entities, and to stay protected from digital fraud throughout the customer lifecycle.

IPMB aims to provide people and organizations with reliable, safe and secure access to gold. Utilizing a dual-token model that comprises a gold-backed hybrid payment/utility token (IPMB) and a stablecoin (GeM NFT), the company offers compliant asset-backed digital products that can be redeemed in the physical form. By integrating Sumsub's AI-driven solutions into its ecosystem, IPMB continues to drive blockchain innovation and maintain high customer acquisition rates while thwarting fraud.

"We are thrilled to embark on this exciting journey with Sumsub, a trusted global leader in verification and fraud prevention technologies. Together, we are poised to streamline our KYC/KYB processes, ensuring seamless onboarding for our clients while fortifying our defences against fraudsters. This alliance marks a significant milestone in our mission to provide the world access to economic freedom, and we look forward to the opportunities it brings our customers and stakeholders," says John Vakis, Founder & CEO at IPMB.

"We are excited to start our collaboration with IPMB, a future-driven tokenized gold provider," adds Andrew Sever, co-founder and CEO of Sumsub. "Gold ownership is usually considered a very conservative industry and it is astonishing that advanced blockchain technologies now allow people across the world easy access to this kind of investment. Coupled with providing responsible gold mining and sourcing, this innovative project corresponds with Sumsub's mission of building a safe and inclusive digital future. So we're eager to see the results of our companies' cooperation."

About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo.

About IPMB

IPMB (International Precious Metals Bullion) is a hybrid payment/utility token. The IPMB Ecosystem offers direct access to physical gold, allowing exposure to the stability of gold and the speed and security of the blockchain through a dual-token model. Through this innovation, IPMB is striving to change the gold industry forever.

IPMB vertically integrates the entire gold supply chain onto the blockchain. This allows us to optimise access, traceability and quality assurances in gold ownership. We use this solution to provide the world access to a gold-backed hybrid utility/payment token, $IPMB, and also access to the most affordable investment-grade gold on the market via our GeM NFT, a stablecoin product that waives all fees associated with modern-day gold ownership.

IPMB aims to provide the world access to economic freedom and opportunity, giving choice and control to accelerate a global transition to a low-cost, unified and transparent global currency. 'From the mine to the vault, and in the cloud', IPMB manages and operates physical gold production, sourcing, beneficiating, exporting, refining, stamping and vaulting of gold.

The IPMB Ecosystem is at the heart of the IPM Group, a group of companies spanning three continents and five countries.

SOURCE Sumsub